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08/09/2009 -
As Canadian businesses may have started to internalize the recovery rumors, the economy got a boost from increased corporate spending in August, according to the recently released Ivey Purchasing Managers Index.The index rose to 55.7 in August, reported the Purchasing Management Association of Canada and the Richard Ivey School of Business at the University of Western Ontario.
This is an increase over July's index of 51.8, and marks the third consecutive month of growth. Analysts had predicted a reading of 54.
Ian Pollick, an economics strategist at TD Securities, noted that the index "shows further evidence of an economic recovery."
The increased corporate spending, in addition to the rise in commercial and personal borrowing, indicates that both the commercial and consumer sectors may be heartened by the recent encouraging economic news and are therefore more confident in their spending.
As a result, it becomes increasingly important for merchants to make it as easy as possible for potential customers to spend money, by allowing both business clients and general consumers to pay by credit card. Therefore, the stores that feature up-to-date payment processing equipment and services are the ones that will make the most out of the economic recovery.
